In-line U.S. CPI alone not enough to drive BTC higher, analyst says

Bitcoin’s downside risk has eased somewhat after U.S. inflation data came in line with market expectations, but a meaningful price move will likely require data that diverges from consensus, CF Benchmarks Head of Research Gabe Selby said in an interview with CoinDesk. Selby said BTC rose an average of 3.25% in three of the past nine inflation releases that came in below expectations. If the data matches forecasts, the risk of a sharp drop may be limited, but a surprise is needed for a fresh catalyst, Selby added. July consumer price index data released yesterday rose 0.1% month on month and 3.4% year on year, broadly matching market expectations. BTC rose about 0.5% immediately after the release, then gave back those gains and was trading around $63,500. The market’s next key events include the Jackson Hole meeting later this month, the Sept. 4 employment report, and the Sept. 11 inflation data.